The Intelligent Insurer #26 — NFT market continues to grow as major artists and Mandela’s grandson issue assets

Italian artist Andrea Speziali has created a Non-Fungible Token (NFT) by combining 500,000 images into one digital piece which he has titled “My Life”. This creation is Speziali’s first-ever NFT and will be made available for exhibition and subsequent auction soon.

Speziali’s NFT issuance is one of the latest developments in an NFT market that has managed to outpace the wider cryptocurrency market. While the cryptocurrency has struggled since May, NFT sales reached record levels with major marketplace OpenSea logging a record month in June.

In the latest Intelligent Insurer, we detail the events and developments surrounding Speziali’s NFT. We…

The Intelligent Insurer #26 — THORChain blockchain hit by a major hack

Popular decentralized exchange (DEX) THORChain has been hacked with $7.6 million worth of Ethereum and other cryptocurrencies stolen in the process. The details of the hack have yet to be clarified. The platform’s Multi Chain Chaos Net (MCCN) — a feature that enables cross-chain swaps between Bitcoin, Ethereum, and a few other blockchain networks — was halted by the node operators until there are further clarifications regarding the hack.

The THORChain hack is the latest in a series of protocol breaches that have led to significant losses for DeFi investors. In recent releases, we covered exploits including an $8 million…

The Intelligent Insurer #25 — An $8 million protocol exploit highlights the need for insurance solutions in the DeFi space — Insured Finance Development Update

A recent hack on the ChainSwap protocol has raised further concerns among DeFi users as it becomes the latest in a series of exploits in the world of DeFi. The frequency and magnitude of such attacks has forced sophisticated DeFi users to employ digital asset insurance solutions to minimize their exposure to such attacks.

While announcing the exploit, the ChainSwap team advised its community to cease from further investing in the platform’s token until their investigations are concluded. The team also promised to carry out a 1:1 airdrop for all tokens that were held by investors before the hack occurred.

The Intelligent Insurer #24 — As governments pursue digital currency projects, some have begun taking aggressive stances against cryptocurrencies, causing market volatility — INFI on Polygon Testnet

Nations are scrambling to adopt decentralized technology. Major nation states like China are aggressively rolling out digital currency test programs and are quickly moving towards nationwide implementation. Vietnam is the latest country to join the ranks.

The Central Bank of Vietnam has been instructed to pilot a blockchain-based cryptocurrency project. Pham Minh Chinh, the Vietnamese Prime Minister, was the impetus behind the Central Bank initiative. Chinh foresees the project being an integral part of the government’s development strategy and aims for the digital currency project to be rolled out over the next two years.

In the latest Intelligent Insurer, we…

Cream Finance comes close to a $100k bug exploit

Cream Finance, a top-20 DeFi protocol with over $500 million USD in locked liquidity, recently had a close call with a “critical” bug that would have allowed a malicious actor to drain $100,000 from one of the protocol’s smart contracts. The smart contract was associated with a discontinued liquidity mining program but the bug still allowed attackers to drain funds from the protocol.

In the latest Intelligent Insurer, we review the details of the Cream Finance bug and highlight how the vulnerability was addressed. …

The Intelligent Insurer #22 — Decentralized Finance (DeFi) experiences a new kind of threat that brings Titan protocol to its knees

A recent high-profile price crash in the DeFi world generated considerable controversy due to a couple factors surrounding the event. Firstly, a prominent personality in the crypto and business world was included among the crash. Second, the nature of the crash sparked divisive opinions.

Among the victims of the Titan crash was American billionaire and influential investor Mark Cuban. While many people thought that the Titan crash was the result of a “Rug Pull”, the team behind the project returned to clarify otherwise. They explained that the incident was a result of a process described as a “Bank Run”.


The Intelligent Insurer #21 — What solutions do cryptocurrency investors have as regulators refrain from providing protection?

Many governments around the world choose to exonerate themselves from the risks associated with cryptocurrencies. Some out rightly set up restrictions around the use of crypto while others simply advise netizens to refrain from getting involved with crypto-related investments and transactions.

The government of Namibia is among the latest to warn its citizens about the risks associated with cryptocurrencies. Through its national bank, the government warned that it will not entertain any complaints from the citizens regarding scams in the cryptocurrency industry.

In the latest Intelligent Insurer, we highlight some of the countries where cryptocurrency-related activities have been restricted. With…

Insured Finance will be the first intuitive two-sided marketplace where users can easily secure versatile digital asset insurance

The state of digital asset insurance is approaching a major shift. Digital asset holders have never had a solution that has allowed them to secure tailored coverage for their unique portfolio. Incumbent digital asset solutions have always been clunky and difficult to use. As a result, digital asset insurance has played a minor role in the overall cryptocurrency market.

Insured Finance is changing this. Grounded in a sublime UI/UX, Insured Finance allows digital asset holders to seamlessly secure coverage for versatile scenarios. Insurance can be easily secured for events like exchange hacks, smart contract exploits, and rug pulls.

The launch…

The Intelligent Insurer #20 — Rug pulls in the DeFi ecosystem and how to protect against them

It appears that many hackers in the DeFi ecosystem have shifted their attention towards Polygon (MATIC). The number of rug pulls occurring on the platform has recently raised concerns. Users have started to adopt a super-cautious approach as far as staking, yield farming, and swapping are concerned on the platform.

While the number of rug pull instances with Polygon-based projects has risen, this phenomenon does not extend to all projects built on Polygon. Some exceptional projects with robust security also operate on the platform. Each project needs to be assessed on its own merits.

In the latest intelligent Insurer, we…

The Intelligent Insurer #18 — Ethereum holders had a close call after the Berlin upgrade addressed what was considered a “severe threat”

This week’s Intelligent Insurer covers a code flaw in the Ethereum network that could have resulted in catastrophic losses for Ethereum holders. Before detailing this development, we provide an update on the progress of Insured Finance.

Insured Finance has been making phenomenal development progress. Last week, key code changes related to the UX were implemented. The UX for various functionalities of the two-sided insurance marketplace has now been finalized and implemented into the code. For instance, the process for requesting and providing insurance has now been implemented with a sublime frontend UX.

Other elements of the frontend are also being…

Insured Finance

A decentralized P2P insurance marketplace with easy claims and instant payouts. Powered by Polkadot.

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